W R Berkley profit rises on boost from investments, underwriting
July 22 (Reuters) -W R Berkley WRB.N reported a rise of about 4% in second-quarter profit on Monday, helped by robust returns on the commercial insurer's investment portfolio and strong underwriting.
Elevated interest rates have boosted the payouts on bonds, which make up a major chunk of investments at insurers, while an equity rally fueled by hopes of a soft landing for the economy has also lifted gains from their stock portfolios.
The company's net investment income rose 51.8% to a quarterly record of $372.1 million.
Net premiums written also grew 11.2% to a quarterly record of $3.13 billion, bolstered by higher demand as economic resilience encourages businesses to spend money on insurance policies.
Last week, industry bellwether Travelers TRV.N also reported better-than-expected quarterly profit.
Greenwich, Connecticut-based W R Berkley's insurance division caters to commercial clients in the United States and other international markets, while its Reinsurance & Monoline Excess unit provides coverage to other insurers to help them manage their risk.
Its profit was $371.9 million, or 92 cents per share, for the three months ended June 30, compared with $356.3 million, or 87 cents per share, last year.
The company reported a combined ratio of 91.1%, compared with 89.6% a year earlier. A ratio below 100% shows that an insurer earned more in premiums than it paid out in claims.
Shares rose 1.9% after the closing bell. As of Monday's close, they had risen 10.6% so far this year.
Reporting by Niket Nishant and Arasu Kannagi Basil in Bengaluru; Editing by Devika Syamnath
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